How does a vehicle loan work?
You want to leave the combis and finally have your own car, but do you know what is the process to obtain the bank’s financing? First, you must choose the vehicle credit you want, according to the requirements of each institution, which by the way tend to be different.
Once you have chosen and requested
You will go through a credit evaluation process, only to confirm if you really meet the requirements and if you are a credit subject (if there is no risk when you give the loan). This approval process takes between 24 and 48 hours, normally.
As well as a 4 + 1% gas station refund, you can spend up to $ 30,000 a month.
There are those who, in a very unfavorable way to the bank, always pay back all the debts of their credit cards on time (they are the minority, most are guaranteed to slip at least once or twice a year on either the amount or the due date. a $ 3,500 default fee. But it’s even more common for credit card holders who have hundreds of thousands of debts to roll out of their debt for years.) These cardholders are called on every few months to take out a “super-favorable” loan for up to 4 too. The very favorable interest rate means that “only” 30% a year (34% THM) instead of 39% (44% THM).
Many people send a credit card as a gift and put it in their account, thinking that if you don’t activate your credit card, you won’t have to pay for it. Conversely, one type of card will be charged from the first month on, regardless of activation (such as a monthly account management fee).
Once that is over, you must cancel the initial fee
Agreed with the dealer and request the assignment of your vehicle. Then, with the correctly signed documents, the loan will be disbursed, which will be made in the dealership account from which you purchased the car.
Then the dealer will register your vehicle, to grant the property card and other documents, and what remains is to wait for the procedure to finish (it lasts approximately 15 days). Then you will have to cancel your credit installments monthly, remembering that you have options to make advance payments and prepayments that will help you pay less interest.